If you own Denver commercial real estate, you will have to decide how and who you want to manage your property. Before you make a decision, make sure you understand all of your options—and the pros and cons of each. Take a look:
Do it on your own.
Some landlords choose to handle the property management on their own. But if you want to do this on your own, you will need to ensure you have enough time to devote to maintaining the property and keeping track of rent and other payments. If you don’t have time to handle every aspect of property management, consider handling the easy tasks—such as collecting payments—and outsourcing the repairs and maintenance projects to an onsite repairman.
Hire a single person.
Landlords also have the option of hiring someone to live onsite and handle many of the property management tasks. These employees can collect payments, address tenant complaints and concerns, make sure the amenities are properly maintained, hire outside repair companies to fix issues that arise, and ensure all repairs are made in a timely manner. One benefit of this option is you will have someone who is on the property at all times. This person will essentially be your eyes and ears so he can keep a close eye on your property while you are away. However, if you choose this option, it’s your responsibility to find someone who is reliable and trustworthy. If the person causes any damage, you will most likely be liable for the cost of repairs as his employer. He also needs to be courteous and responsive to the tenants of your building. This person will be seen as an extension of you, so make sure you choose someone who residents will have no problem coming to with complaints.
Sign a contract with a property management firm.
Finally, landlords have the option of hiring a property management firm to take over all tasks related to maintaining the property. Although these firms will cost more than hiring a single person, they have much more experience and usually carry insurance so you will not be liable if someone on their staff damages your property.
What exactly can these firms do? The short answer—everything. Property management firms will take over everything from the accounting and marketing of your property to the rent collection, tenant screening, and repairs. Plus, you are seen as the customer in the relationship with a property management firm. This means the staff will go above and beyond to ensure you are happy with the services they provide. If you can afford it, it’s always recommended you work with a property management firm to alleviate the stress of owning commercial real estate. When should a landlord hire a property management company
? Find out here.
Do you want more advice on managing your commercial real estate properties? Contact Denver commercial real estate
experts at The Sherman Agency to learn about the various services we offer! Call 303-572-8778 to speak to a member of our team today!